Episode 262: Financial Mistakes Physicians Make and How To Avoid Them- with Hugh Baker, CFP

Did you know you could be losing thousands of dollars each year due to common financial mistakes? On this episode of the MoneyfitMD podcast, Dr. Latifat sits down with Certified Financial Planner Hugh Baker to uncover the financial pitfalls that physicians often encounter and provides practical strategies to steer clear of them.

What You Will Learn:

• Why investing for the long-term with index funds is a preferred strategy for young physicians: Hugh debunks the myth of chasing short-term returns and explains why bonds may not be the best investment for those with a longer time horizon.
• How to avoid common tax mistakes that can cost you thousands: Discover why it's crucial to understand the intricacies of tax-advantaged accounts, like backdoor Roth IRAs and SEP IRAs, and learn how to review your tax return for potential errors.
• The key factors to consider when choosing a financial advisor: Hugh provides insights into identifying an advisor who is a good fit for your specific needs, focusing on their ideal client profile, fee structure, and transparency in compensation.

Key Takeaways:

• Don't leave your investment contributions sitting idle in cash accounts. Ensure your money is actively working for you by investing it appropriately.
• Take the time to understand your tax situation and ensure you're taking advantage of available deductions. Simple oversights can lead to significant financial losses.
• You are the CEO of your finances. Choosing a financial advisor is a significant decision, so prioritize finding someone who aligns with your values, communicates transparently, and puts your interests first.

Tune in now to discover how to avoid costly financial mistakes and take control of your financial future.

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